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Business Description
Odyssey Re Holdings Corp. (OdysseyRe) provides property and casualty products on a worldwide basis through its operating subsidiaries, principally Odyssey America Reinsurance Corporation. The Company offers a range of both treaty and facultative reinsurance to property and casualty insurers and reinsurers. It also writes specialty and non-traditional lines of reinsurance, including professional liability, marine and aerospace. Effective January 1, 2003, the Company commenced, on a new and renewal basis, underwriting medical malpractice and hospital professional liability insurance through a Healthcare unit located in Napa, California. OdysseyRe also underwrites insurance business through Newline Underwriting Management Ltd., Newline Syndicate 1218 and Hudson Insurance Company. The Company's global presence is established through 17 offices, with principal locations in the United States, London, Paris, Singapore and Latin America.

Financial Information
For the nine months ended 9/30/04, total revenues rose 12% to $1.93 billion. Net income fell 32% to $136 million. Revenue reflects increased gross premiums earned in the EuroAsia, London Market and U.S. insurance divisions. Lower net income reflects an increase in acquisition costs and underwriting expenses.